Officials of Manfath Jewelery and Jewelery Trade said that the markets have recently registered a noticeable increase in the popularity of tourist groups to buy gold jewelery, in addition to limited demand rates for buying gold bars.

They pointed out to «Emirates Today» that the recent price increases recorded by gold prices did not limit the rates of growth in tourist sales, pointing out that the demand rates witnessed in the bullion markets with limited rates due to the expectation of a large number of dealers to increase gold prices by greater rates During the coming period, they were affected by the repercussions of the Coruna virus and economic and political turmoil at the international levels.

And the price of gold recorded at the end of last week, new heights ranging between 2 and 2.5 dirhams per gram of various calibers, according to the prices announced in the markets of Dubai and Sharjah.

Sales of tourists

In detail, the sales official at the "Samara Jewelery" store, Linto Luana, said that "the sales of tourists recorded growth in their rates recently, and accounted for the largest shares of the demand for gold jewelry during the recent period," noting that "the new price increases that gold recently registered with the support of International economic and political changes have not had major impacts on the demand rates of tourists.

For his part, Sales Manager of "Le Paris Damond" store, Sajid Maiman, pointed out that "the markets have recently witnessed growth rates in the demand from tourists for gifts of crafts, with the support of great activity in the movement of tourist groups in the markets, in addition to incentives for withdrawals and prizes." Provided by the activities of the Dubai Shopping Festival ».

Price increase

He added that the gold price increases did not limit the continued growth of demand by tourists to buy gold, pointing out that “the markets have finally started to register rates of demand with limited rates on the purchase of gold bars from different weights, with the spread of large expectations in the markets to record gold prices, Significant increases during the coming period, affected by the repercussions of the Corona virus and some economic and political turmoil on the international scene.

The director of sales at the "Khatib Jewelry" store, Hisham Al-Khatib, considered that "the price increases of gold last, did not have clear negative effects on the movement of demand for sales of crafts, especially with the support of growth in the sales of tourists at last of the works", pointing out that "the markets Recently, there were sales of used jewelry from consumers in the stores, as well as a limited demand from bullion and currency buyers, with gold prices expected to increase by additional new increases during the coming period.

Limited height

In addition, the prices of gold achieved last week's gains, which ranged between 2 and 2.5 dirhams per gram, of various calibers.

The price of a gram of 24 carat gold reached 191.25 dirhams, an increase of 2.5 dirhams, compared to indicators of its prices at the end of the previous week, while the price of a gram of 22 carat gold recorded 179.75 dirhams, an increase of 2.5 dirhams, and the price of a 21-carat gram reached 171.5 Dirhams, an increase of 2.25 dirhams, while the gram price of 18 carat gold was 147 dirhams, an increase of two dirhams.

Gold is heading globally for the best monthly performance in 5 months

Gold prices rose yesterday, and are on the way to achieving their biggest monthly gains in five months, as the precious metal, which is considered a safe haven, is supported by fears of an economic slowdown arising from the Corona virus.

And gold increased in online transactions 0.3% to $ 1578.73 an ounce, and the yellow metal rose 4% since the beginning of last January and is on its way to record the best monthly performance since last August. US gold futures fell 0.2% to $ 1,578.

The World Health Organization announced the day before yesterday that the outbreak of the Corona virus had become a global emergency, but it opposed the imposition of restrictions on travel or trade with China, and expressed confidence in China's ability to contain it.

The new Corona virus has so far killed 213 people in China and spread to at least 22 countries, while many regions in the world's second largest economy have been paralyzed by isolation, travel restrictions and corporate closures.

Global stock markets have struggled to get back up as investors hope that the Chinese epidemic will be contained soon.

Meanwhile, surveys showed the stability of activity of Chinese factories and service companies this month, but that was likely before the virus had thrown its full weight. London ■ Reuters

New price hikes ranged from 2 to 2.5 dirhams per gram.